US economy grew at 2.8% last quarter on strength of consumer spending

WASHINGTON, D.C.: The U.S. economy expanded at an annual rate of 2.8 percent from July to September, driven largely by consumer spending, according to the Commerce Department.

This growth, though slightly below the three percent rate in the previous quarter, demonstrates resilience despite high interest rates.

Consumer spending, which makes up about 70 percent of economic activity, accelerated to a 3.7 p